Frequently asked questions relating to Great Shelford leasehold conveyancing
I am on look out for some leasehold conveyancing in Great Shelford. Before I set the wheels in motion I require certainty as to the number of years remaining on the lease.
If the lease is recorded at the land registry - and 99.9% are in Great Shelford - then the leasehold title will always include the short particulars of the lease, namely the date; the term; and the original parties. From a conveyancing perspective such details then enable any prospective buyer and lender to confirm that any lease they are looking at is the one relevant to that title.For any other purpose, such as confirming how long the term was granted for and calculating what is left, then the register should be sufficient on it's own.
I today plan to offer on a house that seems to meet my requirements, at a great figure which is making it more attractive. I have subsequently been informed that the title is leasehold rather than freehold. I am assuming that there are issues buying a leasehold house in Great Shelford. Conveyancing lawyers have are soon to be instructed. Will they explain the issues?
Most houses in Great Shelford are freehold and not leasehold. This is one of the situations where having a local conveyancer who is familiar with the area can help the conveyancing process. We note that you are buying in Great Shelford so you should seriously consider looking for a Great Shelford conveyancing solicitor and check that they have experience in transacting on leasehold houses. First you will need to check the unexpired lease term. Being a lessee you will not be at liberty to do whatever you want with the house. The lease will likely included provisions for example obtaining the freeholder’sconsent to conduct alterations. You may also be required to pay a service charge towards the upkeep of the estate where the house is part of an estate. Your solicitor will advise you fully on all the issues.
My wife and I purchased a leasehold house in Great Shelford. Conveyancing and Alliance & Leicester mortgage are in place. I have received a letter from someone claiming to own the reversionary interest in the property. It included a demand for arrears of ground rent dating back to 1991. The conveyancing solicitor in Great Shelford who previously acted has long since retired.Do I pay?
The first thing you should do is make enquiries of HMLR to make sure that the individual claiming to own the freehold is indeed the registered owner of the freehold reversion. You do not need to incur the fees of a Great Shelford conveyancing firm to do this as you can do this on the Land Registry website for a few pound. You should note that regardless, even if this is the rightful freeholder, under the Limitation Act 1980 the limitation period for recovery of ground rent is six years.
Last month I purchased a leasehold house in Great Shelford. Do I have any liability for service charges for periods before completion of my purchase?
Where the service charge has already been demanded from the previous lessee and they have not paid you would not usually be personally liable for the arrears. However, your landlord may still be able to take action to forfeit the lease. A critical element of leasehold conveyancing for your conveyancer to ensure to have an up to date clear service charge receipt before completion of your purchase. If you have a mortgage this is likely to be a requirement of your lender.
If you purchase part way through an accounting year you may be liable for charges not yet demanded even if they relate to a period prior to your purchase. In such circumstances your conveyancer would normally arrange for the seller to set aside some money to cover their part of the period (usually called a service charge retention).
Completion in due on the sale of our £175000 maisonette in Great Shelford next Thursday . The management company has quoted £300 for Certificate of Compliance, insurance certificate and previous years statements of service charge. Is it legal for a freeholder to charge an administration fee for a flat conveyance in Great Shelford?
For most leasehold sales in Great Shelford conveyancing will involve, queries regarding the management of a building inevitably needing to be answered directly by the freeholder or its agent, this includes :
- Answering pre-contract questions
- Where consent is required before sale in Great Shelford
- Supplying insurance information
- Deeds of covenant upon sale
- Registering of the assignment of the change of lessee after a sale
I inherited a 1 bedroom flat in Great Shelford, conveyancing having been completed half a dozen years ago. Can you work out an approximate cost of a lease extension? Comparable properties in Great Shelford with an extended lease are worth £255,000. The ground rent is £65 invoiced every year. The lease finishes on 21st October 2104
With only 79 years unexpired we estimate the premium for your lease extension to be between £10,500 and £12,000 plus legals.
The figure that we have given is a general guide to costs for renewing a lease, but we are not able to supply the actual costs in the absence of comprehensive due diligence. You should not use this information in tribunal or court proceedings. There are no doubt other issues that need to be considered and clearly you want to be as accurate as possible in your negotiations. Neither should you take any other action placing reliance on this information without first getting professional advice.
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